Archive · 3 Sep 2026
Who Is Alejandro Betancourt, Trump’s Proposed Venezuelan Oil Partner?
Alejandro Betancourt is a Venezuelan businessman involved in a proposed oil partnership with the United States.
His company, North American Blue Energy Partners, would receive very long-term rights to operate 17 oil fields.
The fields are said to contain about 65 billion barrels of proven oil reserves.
The plan would also give the United States part ownership and access to some of the oil.
Betancourt first became wealthy by helping build power plants in Venezuela.
Critics later accused his earlier company of overcharging and receiving contracts without enough competition.
Betancourt has denied wrongdoing, and the article says he has not been convicted of a crime.
Supporters describe him as an experienced operator, while critics question the deal’s transparency and its 100-year duration.
A reported US-Venezuela agreement would give North American Blue Energy Partners 100-year concessions across 17 oil fields.
The fields reportedly contain about 65 billion barrels of proven reserves, while the United States would receive a 35% stake and 20% crude offtake rights.
Betancourt built his initial fortune through Derwick Associates, which won 11 Venezuelan power-generation contracts between 2009 and 2011.
He later expanded into oil, finance, consumer technology and other investments through O'Hara Administration and related businesses.
Betancourt has faced investigations and allegations involving Venezuelan oil funds, but the article says he has never been convicted or charged with a crime.
- Who
- Venezuelan tycoon Leopoldo Alejandro Betancourt López, North American Blue Energy Partners, US officials and Venezuela’s interim leadership.
- What
- A reported energy agreement would grant North American Blue Energy Partners 100-year concessions across 17 Venezuelan oil fields.
- When
- The agreement was described as formally announced by Donald Trump; the article also says Betancourt was coordinating with US officials by mid-2026.
- Where
- The concessions are in Venezuela, particularly the Orinoco Petroleum Belt, with US and European authorities involved in related financial inquiries.
- Why
- The stated goals are to restore Venezuelan oil production, secure long-term US energy access, generate Venezuelan public revenue and reduce Russian and Chinese influence.
Supporters and Government Officials
Critics and Opposition Factions
Strategic and economic value
Supporters and Government Officials
US and Venezuelan officials portray the arrangement as a way to restore oil production, stabilize Venezuela, secure energy supplies and generate public revenue.
Critics and Opposition Factions
Critics question whether a deal granting long-term control over major reserves gives the United States excessive influence over Venezuela’s resources.
Betancourt’s suitability
Supporters and Government Officials
Supporters describe Betancourt as an experienced private operator with technical knowledge, local personnel and field-level expertise needed to restart heavy-crude production.
Critics and Opposition Factions
Critics point to his former government-contracting role and his reputation as a “Bolichico,” while citing past allegations concerning Derwick Associates and Venezuelan oil funds.
Length and oversight of the agreement
Supporters and Government Officials
The reported 100-year concessions are presented as necessary to support a large, long-term infrastructure rehabilitation program.
Critics and Opposition Factions
Venezuelan opposition factions argue that century-long concessions could weaken national sovereignty and should be ratified by a fully elected legislature; US lawmakers have also sought transparency over the government’s 35% stake.
- Company
- North American Blue Energy Partners, described as Venezuela’s second-largest private petroleum enterprise and controlled by Betancourt’s family.
- Concessions
- 100-year leases covering 17 Venezuelan oil fields.
- Reported reserves
- Approximately 65 billion barrels of proven reserves.
- US interests
- A reported 35% passive ownership stake and rights to acquire 20% of extracted crude at cost.
- Investment plan
- NABEP has committed to a multi-phase infrastructure program valued at $100 billion.
- Production target
- The company aims to increase output to more than one million barrels per day.
- Projected Venezuelan revenue
- Interim authorities estimate more than $200 billion in royalties and tax receipts over coming decades.